We examine the quality of brokerage firm analyst coverage when they have venture capital investments in IPO issuers. We explore whether combining these activities compromises the objectivity of analyst reports given brokerage firm incentives to support IPO issues where they are shareholders....

There is a debate on whether executive pay reflects rent extraction due to quot;managerial powerquot; or is the result of arms-length bargaining in a principal-agent framework. In this paper we offer a test of the managerial power hypothesis by empirically examining the CEO compensation of U.S....

Stock prices are more informative when the information has less social value. Speculators with limited resources making costly (private) information production decisions must decide to produce information about some firms and not others. We show that producing and trading on private information...

We model the conditional mean and volatility of stock returns as a latent vector autoregressive (VAR) process to study the contemporaneous and intertemporal relationship between expected returns and risk in a flexible statistical framework and without relying on exogenous predictors. We find a...